Monday's Market Recap - Stocks Rallied Late Today After An Early Massive Intraday Selloff.
- cashtonsaunders
- Jan 24, 2022
- 2 min read
What is The Premarket Telling Us?
Monday, January 24, 2022, 7:10 AM.
US stock futures were under severe pressure in the premarket. Dow futures were down 553 points, Nasdaq futures down 479 points, and S&P futures down 96 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.747%, lower by 0.086%.
Currency Desk:
Eurodollar: 1.13
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $85.12/barrel, down 0.50%.
On the Earnings Calendar:
IBM reports quarterly earnings after the close of trading today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed Japan (Nikkei 225) up 0.24%, Shanghai up 0.04%, Hong Kong (Hang Seng) fell 1.24%.
Major European markets closed with solid losses today. German (DAX) down 3.80%, France CAC 40 up down 3.97%, London FTSE 100 down 2.63%.
Market And Sector Dynamics
Markets opened today's session severely depressed. The Dow was down 519 points, Nasdaq plunged 290 points, and S&P fell 76 points. WTI crude oil was also lower at $83.49/barrel, down 1.94%, and the US 10 Year Bond Yield fell 3 basis points to 1.717%.
Stocks dived even lower shortly after the open and remained severely lower for most of the session. At the low, shortly after 12:noon, the Dow was down 1,115 points, the Nasdaq was down 675 points, and the S&P down 170 points. Markets rebounded during the afternoon, with all three indexes returning to positive territory, and then some.
Early in today's session, almost all eleven S&P sectors were in negative territory, but after a late-day turnaround, eight of the eleven S&P sectors ended the session with gains, led by Consumer Discretionary, Energy, Industrials, Communication Services, Technology, Financials, Real Estate, and Basic Materials. Utilities, Healthcare, and Consumer Staples ended lower today.
Factors Influencing Today's Market
Markets turned around after a deep morning selloff to finish convincingly in positive territory.
Asian markets ended mixed, while European markets ended decidedly lower.
US 10 Year Bond Yield closed at 1.776%, up 0.20%.
WTI crude oil closed the session at $83.31/barrel, down 2.15%.
Market Close Volume Traded And Advance Decline Ratio
Markets staged an impressive comeback after plunging depressingly lower intraday. The major indexes ended higher. Dow gained 99.13 points, Nasdaq up 86.21 points, and S&P gained 12.19 points. Total NYSE volume traded a moderately heavy 6.92 billion shares. Declining shares outpaced Advancing shares by 1.29:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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